The offshore drilling rigs market is benefitting from the incessantly increasing demand for energy and technological advancements to harness the most difficult resources to generate energy. An offshore rig is typically a platform to drill underwater wells, extract product, and in most cases also to store oil or gas before it is transported to refineries or other destinations.

Offshore drilling rigs have come a long way from the wharf-based rigs that were used in the late 1800s thus enabling oil companies to take deep-sea exploration to new heights. Offshore drilling rig systems that are presently used are to tap petroleum reserves in waters more than 7,500 feet deep, and are as much as 200 miles away from the nearest shore.

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In the U.S., of the 9.8 million individuals involved in the oil and gas industry, offshore drilling gives occupation to a large number of individuals. So much so, offshore drilling has been anticipated to be the key to reduce and eventually eliminate America’s dependence on foreign oil and petroleum products.

According to a report by Transparency Market Research, the global offshore drilling rigs market is likely to expand at a CAGR of 3.5% between 2017 and 2022, for the market to become worth US$41,922.8 mn by the end of 2022 from US$35,336.2 mn in 2017.

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Global Offshore Drilling Rigs Market: Key Insights

Of the various types, jackup rigs account for the leading share in the overall market for offshore drilling rigs. The segment is expected to represent 43% of the market to be valued at US$15,208.8 mn by 2017 end. Expanding at a CAGR of 2.4% for the forecast period between 2017 and 2022, the segment is expected to be worth US$17,111.0 mn by the end of 2022.

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The jackup rigs product type segment is expected to display year on year absolute growth of US$380.4 mn, which is larger than any other product segment.

As per application classification, shallow water drilling, deep water drilling, and ultra-deep water drilling are the segments into which the global offshore drilling rigs market is divided in this report.

On the geographical front, North America is expected to hold supremacy vis-à-vis revenue amongst other key regions such as Europe, Asia Pacific except Japan, Japan, Latin America, and the Middle East and Africa in the global offshore drilling rigs market. North America offshore drilling rigs market is the most attractive due to tremendous oil and natural gas reserves in the oceans surrounding North America. Expected to post a CAGR of 3.9% between 2017 and 2022, the market will attain a value of US$9,829.6 mn by the end of 2022.